ֳ

Rating Action Commentary

ֳ Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

Thu 07 Nov, 2019 - 11:07 AM ET

Link to ֳ' Report(s): ֳ Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs

ֳ-New York-07 November 2019: ֳ has taken various conforming rating actions on U.S. enhanced municipal bonds and tender option bonds (TOBs) corresponding to actions taken on their associated enhancement providers or underlying bonds.

Long-term ratings on enhanced municipal bonds may be higher than those of their enhancement providers as discussed in ֳ's 'U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria', dated Feb. 15, 2019.

Short-term ratings on enhanced municipal bonds may be lower than those of their liquidity providers, as discussed in ֳ's 'U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria', dated Jan. 31, 2019.

Long-term ratings assigned to TOBs are the higher of the ratings assigned by ֳ to the applicable enhancement providers supporting the bonds and the ratings assigned by ֳ to the underlying bonds deposited in the issuing trust. Short-term ratings on TOBs, if assigned, are based on ratings assigned by ֳ to their liquidity providers, with consideration given to the TOBs' long-term ratings.

Please see the corresponding spreadsheet for a full list of rating actions.


Contact:

Primary Analyst
Jessalynn Moro
Managing Director
+1-212-908-0608
ֳ, Inc.
300 W 57th Street
New York, NY 10019

Secondary Analyst
Joanne Ferrigan
Senior Director
+1-212-908-0723


Media Relations: Hannah James, New York, Tel: +1 646 582 4947, Email: hannah.james@thefitchgroup.com

Additional information is available on
Applicable Criteria
U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria (pub. 15 Feb 2019)
U.S. Public Finance Structured Finance Rating Criteria (pub. 15 Feb 2019)
U.S. Public Finance Tax-Supported Rating Criteria (pub. 03 Apr 2018)
U.S. Public Finance Tender Option Bond Rating Criteria (pub. 31 May 2019)
U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria (pub. 31 Jan 2019)

Additional Disclosures
Solicitation Status
Endorsement Policy

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The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

Solicitation Status

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